Did Wal-Mart Crics Make Their Case at Hearings?

I wholeheartedly agree that as the crisis in Subprime plays out, we will see a repeat of everything that happened during the S&L debacle.  I never believed, even as I heard assurances from Treasury Secretary Nicholas Brady, that it would never happen again.

To prevent the mortgage meltdown from spreading to payment cards, Congress will suspend aggressive reforms against bankcard lenders and other government pressure (from the feds and perhaps the DoJ) will help to minimize their risks in the interchange antitrust lawsuits.  Thus what Paulson suggests must be taken away on the mortgage side will be covered on the bankcard side.

The Federal Reserve Board and Treasury issued a joint proposed regulation to implement the Unlawful Internet Gambling Act.  The Act potentially could have imposed expensive and burdensome requirements on the financial services industry.  However, the proposal is quite limited, and provides flexibility for members of the payment system.  It also includes broad exemptions design to ensure...